Journal Communications and E.W. Scripps Co. plan to merge their broadcast operations and then spin-off and merge their newspaper group. The end result would be two separately-traded public companies, which they believe will net about $35 million in “synergies” for their shareholders. They expect the deal to close in 2015.

Scripps doesn’t have radio properties now, but would gain Journal’s radio assets in eight markets. Journal owns close to 40 radio stations, (31 FM, 6 AM). The Scripps entity would keep its name and become a merged broadcast and digital media company with radio and TV stations in 27 markets.

The new Scripps will be based in Cincinnati, with about 4,000 employees, and is expected to generate annual revenue of roughly $800 million.

The newly-formed newspaper entity Journal Media Group will be based in Milwaukee and operate in 14 markets. The company will have about 2,600 employees and is expected to generate some $500 million in annual revenue.